Liquidity Versus Narratives: What Drove BTC and Crypto in 2025?
Crypto markets are often explained through narratives. Political developments, regulatory headlines, institutional adoption and cycle-based expectations dominate the price action during volatile periods. These narratives influence positioning and sentiment, but over the past year, price sustainability has been dictated more by measurable capital flows, liquidity conditions and onchain behavior than by headlines themselves. Key takeaways:...
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